Consequences of the Recent Dip-Buying by Ethereum Whales: A Speculative Bubble on the Horizon?

  • Analyzing the Floki Inu Price Dip as ETH Whales Remain Unfazzled
  • Ethereum Holders Beware

The second-largest cryptocurrency, Ethereum, experienced a 3% surge on February 16 and momentarily surpassed the $1,700 barrier, which was last attained in 2022. This surge has marked a new era as Ethereum is trading at $1695.50 when writing this report on February 18, 2023.

Over the past 24 hours, ETH has hit a low of $1656.28 and a high of $1716.78, which has increased by 1.76%. According to a tweet by Santiment, the increase in Ethereum’s value may have been partially triggered by the significant accumulation of the cryptocurrency by shark and whale addresses.

The price of ETH is already approaching a five-month high, according to the analytical team at Santiment. It is at its highest point since the Merge upgrade in mid-September 2022 when the Ethereum blockchain transitioned from the proof-of-work consensus mechanism to the proof-of-stake protocol.

The community eagerly awaited this shift, which reduced Ethereum’s electricity usage and made it more eco-friendly. However, in November 2023, these so-called “whales and sharks,” or wallets holding above 100 and 100,000 ETH, collected an additional 1.88 million ETH. They now collectively control 47% of the Ethereum in circulation.

Analyzing the Floki Inu Price Dip as ETH Whales Remain Unfazzled

Following tremendous momentum over the last few days, the price of Floki Inu (FLOKI) has decreased by more than 9.60% in the last 24 hours. FLOKI’s price is currently $0.00004935 and hit a low of $0.00004585 and a high of $0.00005914 in the past 24 hours, as per data released by CoinMarketCap.

Floki Inu’s (FLOKI) 24-hour trading volume, currently in the red at $167,348,426, has decreased by 42.95% over the last 24 hours. The cryptocurrency is ranked 216th among cryptocurrencies in market capitalization, with a market value of $435,435,703. CoinMarketCap estimates that there are about 8,917,452,316,422 FLOKI tokens in circulation.

On Saturday morning, information on the transactions of the top 100 ETH whales was made available by WhaleStats, a platform that tracks whale behavior. The results showed that, among the 100 most giant ETH whales, Floki Inu was in the top 10 most bought tokens over the previous 24 hours.

Also, according to information from WhaleStats, among the top 500 Binance Smart Chain (BSC) whales, Floki Inu temporarily surpassed the GoMining token (GMT) to become the most traded token. The token outperformed GMT, Dogecoin, and Shiba Inu during this time in the category of most traded tokens.

Ethereum Holders Beware

Over $26 billion worth of Ethereum tokens, or 16 million, will become accessible for withdrawal and possible market dumping as of March 2023, according to a video posted by YouTuber Lark Davis warning viewers.

However, Davis adds that the coins won’t be released all at once but gradually and that not all Ethereum owners will decide to sell or dump their tokens, even though some people anticipate rewards from selling.

In his opinion, the price of Ethereum was $600 just at the moment of staking. In particular, Ethereum auditors to leave, if they choose, would take over a year due to the daily constraints. More than a million coins will be released as part of the staking incentive three weeks after the process of activation starts, as per Davis.